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2002: The Fate of over 500 Million People Depends on the Euro

Story Highlights

Interestingly, six countries outside the EU are using the euro instead of the national currency. These are Kosovo, Montenegro, Monaco, San Marino, the Vatican City, and Andorra.

The anniversary of the date when euro notes and coins were introduced as means of payment is celebrated on this day. At first it was accepted by 12 states, but in the meantime they were joined by Slovenia, Cyprus, Malta, Slovakia, and Estonia. Another eight member states committed to adopt the euro in the future, so that currently only the United Kingdom and Denmark do not have to adopt the euro at all. Interestingly, six countries outside the EU are using the euro instead of the national currency. These are Kosovo, Montenegro, Monaco, San Marino, the Vatican City, and Andorra. An even greater number of countries (as much as 23) has their national currency’s value fixed against the value of the euro. Among them are Bosnia and Herzegovina, Bulgaria, Denmark, and large parts of western and central Africa.

The future of the euro seems to be safe, since approximately 340 million people use it as currency on a daily basis, and around 200 million others use currencies pegged to the euro. Thus, the fate of around 540 million people is linked to the euro, not counting those who use other currencies and save in euros.